National Overseas Congress applauds FDI in retail

September 18, 2012 10:03 IST

Accusing political parties of being short-sighted in opposing FDI in multi-brand retailing, the Indian National Overseas Congress USA has applauded the government's decision, saying that it will help to spur country's economic growth.

"We strongly believe just as Prime Minister has said in his statement that this move will help to spur economic growth and create jobs.

"Undoubtedly, this will send a clear message to the global community as well that India is ready for prime time when it comes to Investments and Trade," said George Abraham, INOC (I) USA president.

This much needed reform will also help the consumer who is hit with an eight per cent inflation in the month of August mainly for food items and we also expect to see quality improved with products delivered to the market place and the farmers getting a bigger share of the pie, INOC (I) said in its statement.

INOC (I) USA said political parties are short sighted in their opposition to FDI and they seem to put the interests of the middlemen ahead of the consumer who were raking in profits at the expense of the farmer.

"The retail reform will allow global firms such as Wal-Mart stores to hold a majority stake in a local partner and sell directly to consumers for the first time and it has the potential to transform India's $450 billion retail market and tame inflation," the statement said.